A small business broker can help you find the market gaps where your business can truly shine. A market gap is a need in the market that no business is filling. Finding the market gaps in your area will give your business the edge it needs to stay on top of competitors.
Define the Business’s Strengths
Knowing the strengths and weaknesses of your business lets you see how you are fulfilling the needs of your customers. Surveys and performance reviews are evidence that can show your small business broker how much your business has grown. Any business valuations or financial reviews should also be considered. Anything a potential buyer would consider a small business broker requires useful information.
What Do Their Current and Potential Markets Look Like?
Evaluating the current market for a small business involves defining the customer base and potential weaknesses. The market changes with the seasons, so knowing what it looks like at different times of the year is vital to finding market gaps. Generally, market gaps show up in niche markets. A great example is the Spirit Halloween stores that are only open leading up to Halloween. They know their target audience and ride on it. Understanding the smaller wants of your customer base can lead you to find market gaps. When using a niche market, choose one with the potential to grow. A market gap with too small of a customer base will make the business stagnate.
Identify the Market’s Issue
A small business broker is looking to fix your business the best they can for sale. Identifying market gaps allows you to find the places a small business can grow, improving its resale value. Every market has needs that are not being met. Once you discover those needs, you can satisfy them by diving into market gaps. Potential buyers want to be assured any outstanding issues are dealt with before taking on the business. That includes a lack of customer base. To know how to find market gaps and apply that knowledge makes small business brokers necessary to sell your franchise.
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match. Contact us to discuss your business buying and selling goals today at 410-561-9800 or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.